According to a filing with Bursa Malaysia, the development measures 2.38 acres on PPC’s land on part of Lot 53, Lot 36 and Lot 22, Daerah Timur Laut, Pulau Pinang.
The project entails redesigning and refurbishing the three buildings namely Godown 5, Godown 7 and Godown 8 located at the six century-old seafront between the pier and Tanjung City Marina.
"Ideal will refurbish the three Godowns to be converted into a seafront tourist spot lifestyle destination including duty-free shops, F&B outlets, homegrown brands offerings, local made products and gift shops," it said.
Phase 1 of the project is expected to be completed by 2021, while Phases 2 and 3 will be completed in 2022.
Upon completion, the development is expected to have a total lettable area of 60,900 sq ft.
The expansion works of the terminal will also allow it to cater for up to 1.7 million passengers a year and accommodate up to 12,000 passengers at any one time.
Ideal expects the project to be profitable within three years and contribute positively to its revenue and earnings.
The pier currently serves as a Cruise Shipping Terminal with Royal Caribbean International making the pier as the mother port for its Asian operation. In 2019, Swettenham Pier had about 500,000 passengers, which was an increase of 27.1% over the previous year
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